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Contractual Penalties and Onerous contracts due to COVID 19: Accounting Implications

July 20, 2020[2020] 117 taxmann.com 812 (Article)
An onerous contract is defined as a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The recent developments and economic impact of COVID-19 may result in the following onerous contracts:
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